Reclaiming Marx's 'Capital'

A Refutation of the Myth of Inconsistency

Andrew Kliman

This book seeks to reclaim Capital from the myth of internal inconsistency, a myth that serves to justify the censorship of Marx's critique of political economy and present-day research based upon it. Andrew Kliman shows that the alleged inconsistencies are actually caused by misinterpretation. By modifying the standard interpretation of Marx's value theory in two simple ways, the recent "temporal single-system interpretation" eliminates all of the alleged inconsistencies. Written especially for the non-specialist reader, in a clear, accessible style and with the bare minimum of mathematics, Reclaiming Marx's "Capital" introduces readers to Marx's value theory and contrasting interpretations of it, the history of the internal inconsistency controversy, and interpretive standards and methods. Kliman then surveys Marx's falling-rate-of-profit theory, the relationship of prices to values (the "transformation problem"), Marx's exploitation theory of profit, and other topics. The book ends with a discussion of why the myth of inconsistency persists, and a call to set the record straight.
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Andrew Kliman is professor in the Department of Economics at Pace University.

Chapter 1 Introduction: The Question of Internal InconsistencyChapter 2 Marx's Value Theory and Contending InterpretationsChapter 3 A Brief History of the ControversyChapter 4 Making Marx Make Sense: On Interpretive MethodChapter 5 Simultaneism, Physicalism, and the Law of ValueChapter 6 Was Marx a Simultaneist?Chapter 7 A Falling Rate of Profit ControversyChapter 8 The "Transformation Problem" (1): Marx's Solution and Its CriticsChapter 9 The "Transformation Problem" (2): If It Ain't Broke, Don't Correct ItChapter 10 The "Fundamental Marxian Theorem"Chapter 11 An Empirical Defense of the Law of Value?Chapter 12 Summary and Conclusions

After Bortkiewicz "corrected" it a century ago, almost everyone, orthodox and Marxian economists alike, accepted the view that Marx's value theory is internally inconsistent. In Reclaiming Marx's "Capital," Andrew Kliman, a proponent of what is known as the "temporal single-system interpretation" (TSSI), sorts out a bewildering tangle of approaches and issues in order to demonstrate that the charge of internal inconsistency is false. From this perspective, the controversies concerning Marx's law of the tendential fall in the rate of profit, the so-called "transformation problem," and other basic elements of value theory appear in a fresh new light. Specialists cannot afford to neglect Kliman's argument. Non-specialists will find that Kliman not only argues but teaches. Reclaiming Marx's "Capital" is a fresh attempt to get it right, in terms Marx himself would have recognized.— Thomas Jeannot, Professor of Philosophy, Gonzaga University

Cutting through swathes of misconception, the author writes in an accessible way especially for the non-specialist reader and keeps the maths to a minimum.— Labour Research

Kliman provides an impressive contribution to the ongoing debate concerning how best to interpret and develop Marx's theory of value....The strength of Kliman's contribution lies in his commitment to engage in scholarly debate....Reclaiming Marx's Capital provides a significant contribution....Kliman's book succeeds.— H-Net: Humanities and Social Science Reviews Online, September 2008

Perhaps no work helps us understand our capitalist civilization better than Marx's book, Capital. Yet, the years have surrounded it with so many misunderstandings that even people interested in Marxism have tended to avoid this essential text. In Reclaiming Marx's "Capital," Kliman's arguments - and it is largely a book of arguments - operate like a buzz saw clearing away the underbrush of misplaced criticisms that have kept the real CAPITAL hidden from most of its potential readers. The project is much needed, and brilliantly and clearly (and for this reader, convincingly) executed. Highly recommended for all those who need CAPITAL (and who doesn't?).— Bertell Ollman, Professor of Politics, NYU

Reclaiming Marx's 'Capital'

A Refutation of the Myth of Inconsistency

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Summary

Summary

This book seeks to reclaim Capital from the myth of internal inconsistency, a myth that serves to justify the censorship of Marx's critique of political economy and present-day research based upon it. Andrew Kliman shows that the alleged inconsistencies are actually caused by misinterpretation. By modifying the standard interpretation of Marx's value theory in two simple ways, the recent "temporal single-system interpretation" eliminates all of the alleged inconsistencies. Written especially for the non-specialist reader, in a clear, accessible style and with the bare minimum of mathematics, Reclaiming Marx's "Capital" introduces readers to Marx's value theory and contrasting interpretations of it, the history of the internal inconsistency controversy, and interpretive standards and methods. Kliman then surveys Marx's falling-rate-of-profit theory, the relationship of prices to values (the "transformation problem"), Marx's exploitation theory of profit, and other topics. The book ends with a discussion of why the myth of inconsistency persists, and a call to set the record straight.

Andrew Kliman is professor in the Department of Economics at Pace University.

Table of Contents

Table of Contents

Chapter 1 Introduction: The Question of Internal InconsistencyChapter 2 Marx's Value Theory and Contending InterpretationsChapter 3 A Brief History of the ControversyChapter 4 Making Marx Make Sense: On Interpretive MethodChapter 5 Simultaneism, Physicalism, and the Law of ValueChapter 6 Was Marx a Simultaneist?Chapter 7 A Falling Rate of Profit ControversyChapter 8 The "Transformation Problem" (1): Marx's Solution and Its CriticsChapter 9 The "Transformation Problem" (2): If It Ain't Broke, Don't Correct ItChapter 10 The "Fundamental Marxian Theorem"Chapter 11 An Empirical Defense of the Law of Value?Chapter 12 Summary and Conclusions

Reviews

Reviews

After Bortkiewicz "corrected" it a century ago, almost everyone, orthodox and Marxian economists alike, accepted the view that Marx's value theory is internally inconsistent. In Reclaiming Marx's "Capital," Andrew Kliman, a proponent of what is known as the "temporal single-system interpretation" (TSSI), sorts out a bewildering tangle of approaches and issues in order to demonstrate that the charge of internal inconsistency is false. From this perspective, the controversies concerning Marx's law of the tendential fall in the rate of profit, the so-called "transformation problem," and other basic elements of value theory appear in a fresh new light. Specialists cannot afford to neglect Kliman's argument. Non-specialists will find that Kliman not only argues but teaches. Reclaiming Marx's "Capital" is a fresh attempt to get it right, in terms Marx himself would have recognized.— Thomas Jeannot, Professor of Philosophy, Gonzaga University

Cutting through swathes of misconception, the author writes in an accessible way especially for the non-specialist reader and keeps the maths to a minimum.— Labour Research

Kliman provides an impressive contribution to the ongoing debate concerning how best to interpret and develop Marx's theory of value....The strength of Kliman's contribution lies in his commitment to engage in scholarly debate....Reclaiming Marx's Capital provides a significant contribution....Kliman's book succeeds.— H-Net: Humanities and Social Science Reviews Online, September 2008

Perhaps no work helps us understand our capitalist civilization better than Marx's book, Capital. Yet, the years have surrounded it with so many misunderstandings that even people interested in Marxism have tended to avoid this essential text. In Reclaiming Marx's "Capital," Kliman's arguments - and it is largely a book of arguments - operate like a buzz saw clearing away the underbrush of misplaced criticisms that have kept the real CAPITAL hidden from most of its potential readers. The project is much needed, and brilliantly and clearly (and for this reader, convincingly) executed. Highly recommended for all those who need CAPITAL (and who doesn't?).— Bertell Ollman, Professor of Politics, NYU